China 2012 GDP growth revised down to 7.7%

BEIJING - China's statistics authority on Monday lowered the country's growth rate for 2012 to 7.7 percent based on its preliminary verification.

The revised gross domestic product (GDP) came in at 51.89 trillion yuan ($8.41 trillion), down 38 billion yuan from the preliminary calculation figure that put the annual rate at 7.8 percent, the National Bureau of Statistics (NBS) said in a statement.

Primary industries took up a 10.1-percent share in the GDP structure, while the secondary and tertiary sectors accounted for 45.3 percent and 44.6 percent, respectively, remaining unchanged from the preliminary calculation.

The NBS calculates each year's GDP three times -- preliminary calculation, preliminary verification and final verification that is due several months later.

Last year marked the slowest growth for China since 1999 due to external and internal factors, and the weak strength extended into 2013, with growth easing to 7.6 percent during the January-June period, slightly above the government's annual growth target of 7.5 percent.

Instead of initiating a massive stimulus program to lift the economy, the authorities are moving cautiously, including speeding up shantytown renovation, accelerating railway and infrastructure investments and reducing taxes for small businesses, to steady growth while driving through reforms for long-term good.

As these policies filter through, China's economy is showing mounting signs of stabilization in the third quarter. Among the latest evidence, the official Purchasing Managers' Index for the manufacturing sector rose to 51.0 percent in August from 50.3 percent in July, the highest reading this year.

In light of the positive signs, Deutsche Bank has recently raised its forecast for China's GDP growth in the second half to 7.7 percent from its previous estimate of 7.6 percent, and Credit Suisse tuned up the annual growth forecast from 7.4 percent to 7.6 percent.